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© Reuters. FILE PHOTO: The company logo for Choice Hotels is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo
(Reuters) -Choice Hotels on Tuesday proposed to acquire Wyndham Hotels and Resorts for about $7.8 billion in a cash and stock deal that would create a U.S. budget hotel giant.
Shares of Wyndham rose about 22% before the bell. The company did not immediately respond to Reuters request for a comment.
Choice offered Wyndham shareholders $90.00 per share, including $49.50 in cash and 0.324 shares of its common stock for each Wyndham share owned.
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